While BlueVine doesn’t offer direct equipment financing, its loan product is a good alternative financing method for securing heavy equipment. Equipment financing for your small business can be a great way to finance the cost of anything you need to run smoothly or modernize. Equipment financing for your small business can be a great way to finance the cost of anything you need to run smoothly or modernize. Whether it’s leasing everything you end up needing for a bit more, or finding a way to fund your purchase outright, make the decision that makes the most financial sense for your business.
Equipment financing for your small business can be a great way to finance the cost of anything you need to run smoothly or modernize. However, how much your company is and the interest rate you pay on that loan depends on the value of the equipment, your company’s financial history, and your credit score.
How do you qualify for equipment financing?
and documentation requirements for Small Business Administration (SBA) are subject to SBA guidelines. Buying equipment directly can put a significant strain on your cash flow, but equipment financing can be a good solution to keep your business functioning optimally or even expand to meet increasing demand. If your team is working in an offsite office, you can maintain and update them with equipment financing. While equipment leasing generally allows you to upgrade to a new model often, if having a new vehicle is important to you, even if you don’t have equity.
Depending on the structure of your equipment loan, some (not all) lenders may require a UCC lien in addition to the equipment that serves as collateral for the loan.
What credit score do you need for device financing?
When buying bad credit equipment finance, there are several options for lenders that are open to borrowers with credit ratings below 700. If someone with better credit agrees to sign up for your loan, lenders may be more willing to offer you equipment financing and at a cheaper rate. Your payments will be significantly higher in these cases than if you had a high credit, but the money is available to you. To help your business have the right equipment to succeed, we’ve compiled a list of the best equipment loans for a range of business needs.